Full Answer
What happened to SunEdison?
In 2014, SunEdison jumped into deep YieldCo waters with TerraForm Power and TerraForm Global. The company made a series of large, questionable acquisitions in First Wind and Vivint, as well as a slew of lesser corporate additions.
What is the SunEdison securities litigation website?
Welcome to the SunEdison Securities Litigation Website. The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Hearing; and (III) Motion For Attorneys’ Fees And Litigation Expenses (the “Settlement Notice”).
What does SunEdison do?
Originally a silicon-wafer manufacturer established in 1959 as the Monsanto Electronic Materials Company, Monsanto sold the company in 1989. It is one of the leading solar-power companies worldwide, and with its acquisition of wind-energy company First Wind in 2014, SunEdison is the leading renewable energy development company in the world.
What's new at SunEdison?
SunEdison announced the pricing of $725 million of a second lien secured term loan intended to improve the company's liquidity position. SunEdison named Claire Gogel, formerly of David Einhorn's hedge fund Greenlight Capital, to its board of directors.
Who is lending Sunedison?
Goldman Sachs, Barclays, Citigroup and UBS, the banks loaning SunEdison ~$2 billion for its Vivint acquisition, “have balked at providing [the] loans” according to the The Wall Street Journal. If the deal is not closed by March 18, either party could then walk away, reports WSJ.
How much money did the banks lend before they pulled funding?
The banks were only going to lend $500M before they "reportedly" pulled funding.
Is Sunedison selling silicon?
SunEdison is selling its Malaysian silicon wafer factory and plans to close its Texas polysilicon factory
Is Sunedison a pipeline?
Since the "TerraForms" hold the finished projects, SunEdison's asset is really its development pipeline. Unfortunately, the Hawaiian Electric (HECO) and Latin America Power terminations "add to the concerns that SunEdison will not be able to continue developing projects," said equity analyst UBS, adding, "We have clear doubts that SunEdison will be able to hit the utility-scale and residential development targets for 2016, and we expect management to lower expectations in the near future."
Is Sunedison going bankrupt?
Rumors are rampant that SunEdison will file for bankruptcy this month. That might get it out of the Vivint deal, as well as pummel Vivint's stock price and prospects. Blackstone is a majority shareholder in Vivint Solar and holds convertible notes with SunEdison.
How much was Sunedison worth in 2015?
During the summer of 2015, SunEdison was worth almost $10 billion, and in July 2015 shares traded upward of $33.44. On the day of the bankruptcy filing, the company's trading price on the New York Stock Exchange was 34 cents per share.
How long does it take for Sunedison to file for bankruptcy?
SunEdison requested that the examiner's work start immediately and finish within 60 days, and that the maximum budget be $1 million.
Who owns SMP?
As of late 2014 the joint venture, called SMP, is 85% owned by SunEdison (50% by SunEdison, Inc. and 35% by SunEdison Semiconductor) and 15% by Samsung, and the plant has a capacity of 13,500 metric tons per annum.
Is Sunedison going bankrupt?
To continue its operations and pay staff, the company received $300 million in bankruptcy debt financing. It will continue operations during bankruptcy. The debt financing money came from first-lien and second-lien lenders. The bankruptcy court must approve the money.
Is Sunedison under investigation?
As of late April 2016, the U.S. Department of Justice is conducting an investigation into the company regarding its financial practices. Internally, SunEdison's board completed its own investigation, concluding that the company's leaders were “overly optimistic” but did not make “material misstatements” or commit any fraud.
